Many Calgary residents refer to their city as a "big, small town." With roughly 726 square kilometres of downtown condos, suburban-family homes, as well as parks and rivers, Calgary is a city that's continuing to build outwards.

According to the latest census data released in April 2013, Calgary's population grew by more than 30,000 people from 2012 to 2013, which is consistent with the rate of growth from the year before.

MoneySense magazine also rated Calgary as the No. 1 large city in Canada on its 2013 best places to live list. Not to mention Calgary was awarded the title of culture capital of Canada in 2012. With the city's reputation improving throughout the nation and money-hungry Canadians gravitating to Alberta's rich economy, questions around where these newcomers will live, how they will afford to thrive here and how the city can sustain them, are at the forefront of many minds.

Public engagement needed to sustain Calgary's liveability

Proponents of alternative housing argue that as Calgary grows, urban development must also evolve. They say members of the community should be able to afford to stay for the long haul instead of being pushed out by rising prices and a lack of housing availability.

One option is rebuilding from the inside to include more options through multi-family housing for inner-city people, instead of building outward onto the city's borders.

Many people dream of owning a piece of land, building a nice big house of their very own, and heck, why not throw in that two-car garage?

This dream has become increasingly unattainable for many Calgarians largely because of the rising cost of land and homes. In addition, there are those who say this dream is no longer necessarily a smart or sustainable one.

2014 Calgary Real Estate Board Pricing Forecasts:

24,335 homes are estimated to be sold, even with an estimated 15,000 new residents — down from 19,067 new residents in 2013, as suggested by City of Calgary census figures

The benchmark price of a single-family home is expected to reach $467,100

The benchmark price on apartment-condominiums is expected to reach $281,789 and apartment-townhomes may reach $208,690

The benchmark price for single-family homes in towns outside of Calgary was nearly $100,000 less than the cost of a similar home within the city in 2013

"As supply for lower priced single-family [homes] declines, demand will continue to grow in surrounding communities, as buyers make lifestyle choices or seek more affordable alternatives to the city," as stated in a Calgary Real Estate Board news release.